The present invention provides a substantially purified nucleic acid molecule encoding a p/CIP polypeptide, which regulates the activity of CBP/p300-dependent transcription factors. The invention also provides a substantially purified p-CIP polypeptide and active fragments thereof. In addition, the invention provides methods of identifying an effective agent that alters the association of a p/CIP polypeptide with a second protein. Further provided herein are methods of selectively inhibiting signal transduction pathways using an active fragment of a p/CIP polypeptide or a nucleic acid molecule encoding such an acive fragment.